Keynesian Yalie

James Tobin, 63, likes to joke about himself as "a discredited
Keynesian," in reference to his economics hero, John Maynard
Keynes. Last week the mild-mannered Yale economics professor got
the last laugh. In Stockholm, the Royal Swedish Academy of Sciences
announced that it was awarding him the 1981 Nobel Prize in Economics.
Tobin thus becomes the tenth U.S. citizen to receive the prize since it
was first awarded in 1969.*

Selection committee officials made plain
that the Nobel deliberations took no notice of recent attacks on
Reaganomics by Tobin, a longtime opponent of the monetarist school of
Milton...